Key Insights
- Capital B added 12 BTC for €0.84M in its recent Bitcoin news, lifting its combined treasury holdings to 3,550 BTC.
- TOBAM’s €868,845.83 share issue raised funds through the sale of 147,176 new shares.
- Capital B reported 2.23% BTC Yield and a 63 BTC BTC Gain since the start of 2026.
Capital B bought 12 Bitcoin (BTC) for approximately €0.84 million on Nov. 10, 2026, following an equity issuance to TOBAM-managed funds. The purchase raised its strategic reserve to 3,550 BTC, while its reported market valuation remained €73.93 million below accumulated acquisition costs.
The Paris-listed company disclosed €311.50 million in historical Bitcoin spending against a €237.57 million market valuation. The difference represents a portfolio valuation shortfall, not a realized loss or the company’s overall financial result.
Capital B Raises €868,845 Through TOBAM Share Issuance
Capital B issued 147,176 ordinary shares for €868,845.83, including the share premium. The average subscription price was approximately €5.90 per share, according to its Nov. 10 announcement distributed through Actusnews.
Three TOBAM funds subscribed between Sept. 28 and Nov. 4. Bitcoin Alpha Fund acquired 81,304 shares, Bitcoin Enhanced Fund took 47,723, and Bitcoin Treasury Opportunities Fund subscribed for 18,149.
Capital B said the rounded subscription price was 3.55% above its Nov. 9 closing share price. The transaction followed a financing agreement renewed Jan. 26 and authority shareholders granted in June. Under the agreement, subscription prices follow specified trading-price, Bitcoin net asset value, and minimum-price thresholds.
The company said the offering did not require a prospectus approved by France’s Financial Markets Authority. Existing shareholders did not receive preferential subscription rights in this issuance. Capital B reported 38,614,985 outstanding ordinary shares afterward, compared with 38,467,809 before the transaction.
The company used proceeds to purchase another 12 BTC at an average price of €70,295 per coin. Swissquote Bank Europe executed the purchase and provides custody using technology supplied by Taurus.
Capital B’s Bitcoin Holdings Reach 3,550 BTC
Capital B reported in Bitcoin News that Swissquote Bank Europe executed a 12 BTC purchase using proceeds from the share issue.
Swissquote Bank Europe also assumed responsibility for custody, using Taurus technology. The company valued its total Bitcoin holdings at €311.5 million, based on an average acquisition price of €87,746 per Bitcoin.
The firm reported that, starting November 25, 2025, it calculates Total BTC € Net Asset Value by multiplying its Total BTC Holdings on the reported date by BTC’s closing price on the trading day before the press release. It said the calculation accounts for BTC price volatility.
The reported Bitcoin holdings include assets held by Capital B and Capital B Luxembourg SA. The company described itself as a Bitcoin treasury company. It said the new purchase continued that strategy.
The release also reported a 2.23% BTC Yield since the start of the year. It reported a 63.0 BTC gain and a €4.2 million BTC € Gain.
Capital B Reports 2.23% Bitcoin Yield Amid Share Dilution
Capital B reported a year-to-date BTC Yield of 2.23% and a BTC Gain of 63.0 BTC. Its BTC Euro Gain indicator stood near €4.22 million, according to the company.
These figures measure its treasury strategy rather than ordinary investment returns. BTC Yield tracks the percentage movement in Bitcoin holdings per fully diluted share. BTC Gain then converts that percentage into a hypothetical Bitcoin amount using the opening-period holdings.
BTC Euro Gain assigns a euro value to that calculated Bitcoin amount. Capital B explicitly cautioned that the indicator does not represent trading profit, revenue, or a fair-value gain on its treasury.
The company reported 7,370.9 satoshis per fully diluted share. Its quarterly BTC Yield was 0.03%, compared with 2.23% since the beginning of 2026.
Capital B also identified outstanding Bitcoin-denominated convertible debt and warrants that could expand its future share count. Its reported treasury indicators do not account for every liability or potential future dilution.
Management said it planned to retain the purchased Bitcoin as part of its long-term treasury strategy. However, the company acknowledged that operational or financing pressures could require sales.
For Capital B, additional Bitcoin accumulation therefore entailed two distinct financial considerations: the gap between treasury cost and market value, and the impact of further share issuance on ownership.
